Can you have a promissory note without interest?

If you decide to give the loan without charging any interest, be prepared to justify it to the IRS, because it literally is a gift in the IRS's eyes. The IRS can "impute" interest on your loan, whether you actually charged any interest or not, and require you to report that imputed interest as income.

How do I fill out a promissory note?

At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.

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Promissory Notes
Georgia Unsecured Installment Payment Promissory Note for Fixed Rate

Georgia Promissory Note Without Interest

Name: Georgia Promissory Note Without Interest
Brand: US Legal Forms
Rating: 4.64 (312 reviews)

Category:

Georgia Promissory Notes - Unsecured

State:

Georgia

Control #:

GA-NOTE-2

Format:

Instant download

Description Installment Payment Note

This is a Promissory Note for your state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.

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How to fill out Georgia Promissory Note Without Interest?

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FAQ

If you decide to give the loan without charging any interest, be prepared to justify it to the IRS, because it literally is a gift in the IRS's eyes. The IRS can "impute" interest on your loan, whether you actually charged any interest or not, and require you to report that imputed interest as income.

A Georgia promissory note must be signed and dated by the borrower and a witness. It should also be notarized.

At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.

You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.

A promissory note must specify the percentage interest charged on the loan. All loans should carry some interest, even if it is between family members.

More info

Loaning money to family members and friends can be a delicate subject. What Happens When a Promissory Note Is Not Paid?Each party should consider if they are satisfied with how the terms of the loan were completed. The interest rate may not be explicitly stated if the note includes the total amount to be repaid. Why Is a Promissory Note Important? Federal Direct Loan borrowers who are leaving school, dropping below half-time enrollment, or graduating must complete exit counseling. ( ) INTEREST ONLY PAYMENTS on the outstanding principal balance. (The following must be completed if "b" or "c" is checked).

Georgia Promissory Note Without Interest

Description Installment Payment Note

Payment Promissory Note Related forms

How to fill out Georgia Promissory Note Without Interest?

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FAQ

Can you have a promissory note without interest?

Does a promissory note need to be notarized in Georgia?

How do I fill out a promissory note?

Can I write my own promissory note?

Do you have to have interest on a promissory note?

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